IMF approves $616m loan to Ivory Coast

WASHINGTON: The International Monetary Fund awarded Friday a $616 million loan to Ivory Coast to help revive its economy devastated by post-election violence.

The IMF executive board approved the loan Friday, and a first installment of $128.3 million was immediately available, the Washington-based institution said in a statement.

The board also endorsed $8 million in aid for the country under the Heavily Indebted Poor Countries initiative. The money represents relief on debt service as the country moves through the HIPC process toward debt forgiveness.

The $616 million Extended Credit Facility loan is for three years.

The IMF announced in July, after the end of violence following the November 2010 election of the new president, Alassane Ouattara, that it was ready to resume aid to the country, the world's top cocoa exporter. (AFP)